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June 7, 2021

Crypto Forecast 6/7/2021

Frank Cabibi

Recent News:

Most major crypto pairs remain collectively stagnant over the weekend and going into the new week. News on the infamous hacker, Anonymous, made a video calling out Elon Musk that accused him of manipulating the cryptocurrency market. It is not certain that it was the real Anonymous, but it is still not good news for crypto. On top of this, the US has reported over $50 billion lost in crypto frauds in the past several months. However, this recent bearish news hasn't seemed to affect the price of major altcoins too much, and potential setups look to be forming on various coins.

ADA/USD

ADAUSD 4H

Cardano is coming off its 200 SMA and pushing to the downside with most altcoins today. Big swings above and below its moving average have started dying down, and now price hovers around the indicator. This could be a sign of further consolidation with less volume and diminishing volatility in the market. Should price dip, support is around 1.635302. Resistance is at 1.828686.

MKR/USD

MKRUSD 4H

On this 4H timeframe, a downward trend line looks to be forming as price retraces every time it hits that level of resistance. Price found a bottom around $3422.88 which is now serving as a zone of support. The accumulation/distribution indicator shows a jump from 64K to 91K in the past two weeks of consolidation for the most part, suggesting that an increase of accumulation could mean potential upside will come soon.

BTCUSD 4H

Bitcoin on the 4H timeframe broke under and closed under a wedge before recovering from its dip. Price found support on the smaller rising trend line. If bitcoin slips under support, it might find mild support at a recent bottom around the $33,300s. However, this level could also be a buying opportunity as it is now lying on support.


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